Last year’s sharp decline in global commodity prices posed a huge factor in the slowing economies in much of Latin America and the Caribbean. But rising commodity prices offer relief to many of the region’s big exporters.
Pemex has served as Mexico’s standard-bearer of nationalism, but the burden of funding the government is taking a heavy toll.
Repsol YPF intend to carry out a sale and companies have approached the Spanish-owned oil company about buying the Argentine subsidiary. Potential buyers include China National Petroleum Corp.
Venezuela claims to have 172 billion barrels of reserves, but some oil analysts peg the figure at 99 billion and are more concerned with PDVSA’s declining output.
The increasing heft of Brazilian corporate giants and smaller firms in Africa is boosted by a national strategy in which Brazilian President Luiz Inácio Lula da Silva has played a central role.
Skyrocketing oil prices made 2008 the best of times and the not-quite best of times for oil companies in Latin America.